Yeah it's all about the cap. I think with next year with salary cap decreasing..its going to be hard to move pieces, because if Bosh re-signs (sign-n-trade or stays in Toronto) We will have a chance to pursue a big free agents, thats if Bosh is traded. If he stays I think Bosh needs a good complementary "Wing" Player who can either start or come off bench. Plus we have free agents like Amir, Rasho, Antione Wright, & Sonny Weems; if we want any hope of re-signing one/all of them we need cap space. We can't look at the draft since we have two 2nd round picks & 1st round pick (protected) via Miami

To answer your question, I wouldn't make this deal as it doesn't have an draft picks coming our way. I'd say even Houston's own pick isn't good enough (too high) and a third team would need to get involved.

I don't think Calderon is enough for the Rockets to sacrifice their valuable salary cap space for next year (where they could potentially add a max free agent if they play their cards right). In that light, I disagree with Arsenalist and feel that we may have to include a pick or two to make it happen. This deal would take around 20 million off the cap and leave the Raptors around 43 million (assuming the salaries on the books next year). Assuming the cap is around 50 million, that would leave 7 million in cap space to offer free agents; enough for an elite role player. It would also leave the raptors with a squad of:

If we are able to move Bargs for a more suitable center for this team or if Bargs can improve his defense and rebounding rates to just adequate levels, this team may have all the ingredients to make a run in the Eastern Conference.
Note: We can consequently fill out our bench with MLE and BLE in subsequent years. The only concern is Hedo getting old, but we can adapt him to the bench + add a player in free agency when the need occurs.